APAKAH INFLASI SEBAGAI PEMODERASI DETERMINAN STRUKTUR MODAL? (Studi Empiris Pada Perusahaan Terbuka Sektor Industri Manufaktur Yang Listing Di Bursa Efek Indonesia Periode Tahun 2014-2018)
Abstract
Penelitian ini bertujuan untuk menguji pengaruh inflasi sebagai variabel moderator determinan struktur modal 120 perusahaan sektor industri manufaktur yang go public di Bursa Efek Indonesia periode 2014-2018. Variabel independen yang digunakan dalam penelitian ini adalah profitabilitas, tangibilitas, ukuran aktiva perusahaan, pertumbuhan aktiva perusahaan, dan non debt tax shields, sedangkan variabel dependennya adalah rasio utang. Teknik analisis data menggunakan Moderated Regression Analysis (MRA). Hasil analisis data menunjukkan bukti bahwa perilaku pendanaan perusahaan terbuka industri manufaktur sampel penelitian ini mengikuti teori static/trade-off yang ditunjukkan pengaruh signifikan positif profitabilitas terhadap rasio utang, dan ditemukannya efek pertumbuhan aktiva perusahaan yang semakin positif terhadap rasio utang ketika inflasi meningkat. Lebih lanjut terpaparkan bahwa inflasi signifikan memoderasi pengaruh profitabilitas, ukuran aktiva perusahaan, dan pertumbuhan aktiva perusahaan terhadap rasio utang, sedangkan pada pengaruh tangibilitas, dan non-debt tax shields, inflasi belum cukup bukti memoderasi determinan struktur modal.
References
Akhtar, Shumi, 2005, “The Determinant of Capital Structure for Australia Multinational and Domestic Corporations”, Australian Journal of Management, Vol. 30, No. 2, Desember 2005, hal. 321-341.
Ameilia Fransiska, 2009, Pengaruh Suku Bunga SBI, Inflasi, dan Kurs Terhadap IHSG dan Indeks Sektoral Dengan Harga Minyak Sebagai Variabel Moderator Selama Imbas Krisis Subprime Mortgage Di Indonesia (Periode 2007-2009). (Tesis), Jakarta: Program Studi Magister Manajemen, Institut Bisnis dan Informatika Indonesia.
Asab, Noura Abu & Alaaeddin Al-Tarawneh, (2018), “The Impact of Inflation on the Investment: The Non-Linear Nexus and Inflation Threshold in Jordan”. Modern Applied Science; Vol.12, No. 12; 2018. ISSN 1913-1844 E-ISSN 1913-1852
Buferna, Fakher., Kenbata Bangassa, dan Lynn Hodgkinson, 2005, “Determinants of Capital Structure Evidence from Libya”, Inggris: The University of Liverpool.
Bursa Efek Indonesia, 2018, Indonesia Capital Market Directory 2015-2017, Institut for Economic and Financial Research.
Bursa Efek Indonesia, 2017, Indonesia Capital Market Directory 2014-2016, Institut for Economic and Financial Research.
Bursa Efek Indonesia, 2016, Indonesia Capital Market Directory 2013-2015, Institut for Economic and Financial Research.
Deesomsak, Rataporn., Krishna Paudyal, Gioia Pescetto, 2004, “The Determinants of Capital Structure: Evidence from the Asia Pacific Region”, Journal of Multinational Financial Management, Vol 14, hal. 387-405.
Frank, Murray Z..and Goyal Vidhan K., 2009, “Capital Structure Decisions: Which Factors are Reliably Important?”, Financial Management, Spring 2009, p.1- 37
Frydenberg, Stein., 2004, “Theory of Capital Structure - A Review”, Norwegia: Sør-Trøndelag Unversity College.
Gajurel, D. P. 2006, “Macroeconomic Influences on Corporate Capital Structure”, Nepal: Tribhuvan University.
Gujarati, Damodar N., 2009, Basic Econometrics, Fifth Edition, McGraw Hill: International Editions.
Gurcharan S, 2010, “A Review of Optimal Capital Structure Determinant of Selected ASEAN Countries”, International Research Journal of Finance and Economics, No. 47, hal. 32-43.
Ilner, Cenap., 2012, “Exploring the Effects of Inflation on Financial Statements Through Ratio Analysis”, SSRN Electronic Journal. DOI 10.2139/ssm.2186707.
Jensen, Michael C. 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, Vol. 76, No. 2, Mei 1986, hal. 323-329
Lumbantobing, Rudolf. 2008, Studi Mengenai Perbedaan Struktur Modal Perusahaan Penanaman Modal Asing Dengan Perusahaan Penanaman Modal Dalam Negeri Yang Go Public Di Pasar Modal Indonesia (Persfektif Teori Dasar Struktur Modal, Teori Keagenan dan Teori Kontingensi Dalam Upaya Mengoptimalkan Struktur Modal Perusahaan). Disertasi. Program Pasca Sarjana Universitas Diponegoro.
Lumbantobing, Rudolf. 2017, “Rasio Utang Memediasi Pengaruh Kemampulabaan Dan Ukuran Aktiva Terhadap Kebijakan Dividen: Studi Empiris Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia”, DeReMa (Development Research of Management): Jurnal Manajemen 12 (1), 139-157.
Lumbantobing, Rudolf. 2019, “The Influence of Capital Structure Determinant Variables toward Corporate Debt Ratio Which Mediated by Agency Cost”. Proceeding of the 5th Annual International Conference on Management Research (AICMaR 2018). Advances in Economics, Business and Management Research, volume 74. Published by Atlantis Press, 2019.
Lumbantobing, Rudolf. 2020, “The Effect of Financial Ratios on the Possibility of Financial Distress in Selected Manufacturing Companies Which Listed in Indonesia Stock Exchange”. Proceeding of the 6th Annual International Conference on Management Research (AICMaR 2019). Advances in Economics, Business and Management Research, volume 132. Published by Atlantis Press, 2020.
Modigliani, F dan Miller, M. H., 1958, “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review, Vol. XLVIII, No. 3, Juni 1958, hal. 261-297.
Myers, Stewart C. 1984, “The Capital Structure Puzzle”, The Journal of Finance, Vol. XXXIX, No. 3, Juli 1984, hal. 575-592.
Shamshur, A., 2009, “Is The Stability of Leverage Ratios Determined by The Stability of The Economy?”, CERGE-EI Working Paper Series, September 2009, Cekoslovakia: Academy of Sciences of the Czech Republic.
Titman, Sheridan dan Roberto Wessels, 1988, “The Determinants of Capital Structure Choice”, The Journal of Finance, Vol. 43, No. 1, hal. 1-19
Tobing, Rudolf L., Leonardus Saiman, 2012, “Inflasi Sebagai Variabel Makro Ekonomi Pemoderasi Determinan Struktur Modal Perusahaan Sektor Industri Manufaktur Yang Go Public di Bursa Efek Indonesia”. Jurnal Manajemen 1 (Vol.1- No 2 Mei 2012), 63-80.
Tobing, Rudolf L., 2008, “Studi Mengenai Perbedaan Struktur Modal Perusahaan Penanaman Modal Asing (PMA) Dengan Perusahaan Penanaman Modal Dalam Negeri (PMDN) Yang Terdaftar Di Bursa Efek Jakarta” Jurnal Ekonomi Perusahaan, September 2008, Vol. 15, No.2. hal. 102-123.
Tong, G. dan Green, C. J., 2005, “Pecking Order or Trade Off Hypothesis? Evidence on The Capital Structure of Chinese Companies”, Applied Economics, Tahun 2005, No. 37, hal. 2179-2189.
Vina Fadhilanahal, 2007, “Pengujian Static Trade Off Theory dan Pecking Order Theory Pada Struktur Modal Perusahaan Yang Masuk Dalam Indeks LQ45”, Jurnal Ekubank, Edisi Juli 2007, Vol. 2, hal. 11-24.
Yeh, Hsien-Hung dan Roca, Eduardo, 2007, “Macroeconomic Conditions and Capital Structure: Evidence from Taiwan”, Taiwan: National Pingtung University of Science and Technology.
Ameilia Fransiska, 2009, Pengaruh Suku Bunga SBI, Inflasi, dan Kurs Terhadap IHSG dan Indeks Sektoral Dengan Harga Minyak Sebagai Variabel Moderator Selama Imbas Krisis Subprime Mortgage Di Indonesia (Periode 2007-2009). (Tesis), Jakarta: Program Studi Magister Manajemen, Institut Bisnis dan Informatika Indonesia.
Asab, Noura Abu & Alaaeddin Al-Tarawneh, (2018), “The Impact of Inflation on the Investment: The Non-Linear Nexus and Inflation Threshold in Jordan”. Modern Applied Science; Vol.12, No. 12; 2018. ISSN 1913-1844 E-ISSN 1913-1852
Buferna, Fakher., Kenbata Bangassa, dan Lynn Hodgkinson, 2005, “Determinants of Capital Structure Evidence from Libya”, Inggris: The University of Liverpool.
Bursa Efek Indonesia, 2018, Indonesia Capital Market Directory 2015-2017, Institut for Economic and Financial Research.
Bursa Efek Indonesia, 2017, Indonesia Capital Market Directory 2014-2016, Institut for Economic and Financial Research.
Bursa Efek Indonesia, 2016, Indonesia Capital Market Directory 2013-2015, Institut for Economic and Financial Research.
Deesomsak, Rataporn., Krishna Paudyal, Gioia Pescetto, 2004, “The Determinants of Capital Structure: Evidence from the Asia Pacific Region”, Journal of Multinational Financial Management, Vol 14, hal. 387-405.
Frank, Murray Z..and Goyal Vidhan K., 2009, “Capital Structure Decisions: Which Factors are Reliably Important?”, Financial Management, Spring 2009, p.1- 37
Frydenberg, Stein., 2004, “Theory of Capital Structure - A Review”, Norwegia: Sør-Trøndelag Unversity College.
Gajurel, D. P. 2006, “Macroeconomic Influences on Corporate Capital Structure”, Nepal: Tribhuvan University.
Gujarati, Damodar N., 2009, Basic Econometrics, Fifth Edition, McGraw Hill: International Editions.
Gurcharan S, 2010, “A Review of Optimal Capital Structure Determinant of Selected ASEAN Countries”, International Research Journal of Finance and Economics, No. 47, hal. 32-43.
Ilner, Cenap., 2012, “Exploring the Effects of Inflation on Financial Statements Through Ratio Analysis”, SSRN Electronic Journal. DOI 10.2139/ssm.2186707.
Jensen, Michael C. 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, Vol. 76, No. 2, Mei 1986, hal. 323-329
Lumbantobing, Rudolf. 2008, Studi Mengenai Perbedaan Struktur Modal Perusahaan Penanaman Modal Asing Dengan Perusahaan Penanaman Modal Dalam Negeri Yang Go Public Di Pasar Modal Indonesia (Persfektif Teori Dasar Struktur Modal, Teori Keagenan dan Teori Kontingensi Dalam Upaya Mengoptimalkan Struktur Modal Perusahaan). Disertasi. Program Pasca Sarjana Universitas Diponegoro.
Lumbantobing, Rudolf. 2017, “Rasio Utang Memediasi Pengaruh Kemampulabaan Dan Ukuran Aktiva Terhadap Kebijakan Dividen: Studi Empiris Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia”, DeReMa (Development Research of Management): Jurnal Manajemen 12 (1), 139-157.
Lumbantobing, Rudolf. 2019, “The Influence of Capital Structure Determinant Variables toward Corporate Debt Ratio Which Mediated by Agency Cost”. Proceeding of the 5th Annual International Conference on Management Research (AICMaR 2018). Advances in Economics, Business and Management Research, volume 74. Published by Atlantis Press, 2019.
Lumbantobing, Rudolf. 2020, “The Effect of Financial Ratios on the Possibility of Financial Distress in Selected Manufacturing Companies Which Listed in Indonesia Stock Exchange”. Proceeding of the 6th Annual International Conference on Management Research (AICMaR 2019). Advances in Economics, Business and Management Research, volume 132. Published by Atlantis Press, 2020.
Modigliani, F dan Miller, M. H., 1958, “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review, Vol. XLVIII, No. 3, Juni 1958, hal. 261-297.
Myers, Stewart C. 1984, “The Capital Structure Puzzle”, The Journal of Finance, Vol. XXXIX, No. 3, Juli 1984, hal. 575-592.
Shamshur, A., 2009, “Is The Stability of Leverage Ratios Determined by The Stability of The Economy?”, CERGE-EI Working Paper Series, September 2009, Cekoslovakia: Academy of Sciences of the Czech Republic.
Titman, Sheridan dan Roberto Wessels, 1988, “The Determinants of Capital Structure Choice”, The Journal of Finance, Vol. 43, No. 1, hal. 1-19
Tobing, Rudolf L., Leonardus Saiman, 2012, “Inflasi Sebagai Variabel Makro Ekonomi Pemoderasi Determinan Struktur Modal Perusahaan Sektor Industri Manufaktur Yang Go Public di Bursa Efek Indonesia”. Jurnal Manajemen 1 (Vol.1- No 2 Mei 2012), 63-80.
Tobing, Rudolf L., 2008, “Studi Mengenai Perbedaan Struktur Modal Perusahaan Penanaman Modal Asing (PMA) Dengan Perusahaan Penanaman Modal Dalam Negeri (PMDN) Yang Terdaftar Di Bursa Efek Jakarta” Jurnal Ekonomi Perusahaan, September 2008, Vol. 15, No.2. hal. 102-123.
Tong, G. dan Green, C. J., 2005, “Pecking Order or Trade Off Hypothesis? Evidence on The Capital Structure of Chinese Companies”, Applied Economics, Tahun 2005, No. 37, hal. 2179-2189.
Vina Fadhilanahal, 2007, “Pengujian Static Trade Off Theory dan Pecking Order Theory Pada Struktur Modal Perusahaan Yang Masuk Dalam Indeks LQ45”, Jurnal Ekubank, Edisi Juli 2007, Vol. 2, hal. 11-24.
Yeh, Hsien-Hung dan Roca, Eduardo, 2007, “Macroeconomic Conditions and Capital Structure: Evidence from Taiwan”, Taiwan: National Pingtung University of Science and Technology.
Published
2020-04-06
How to Cite
Lumbantobing, R. (2020). APAKAH INFLASI SEBAGAI PEMODERASI DETERMINAN STRUKTUR MODAL? (Studi Empiris Pada Perusahaan Terbuka Sektor Industri Manufaktur Yang Listing Di Bursa Efek Indonesia Periode Tahun 2014-2018). Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 4(1), 297-315. https://doi.org/10.31955/mea.v4i1.503
Section
Articles
Copyright (c) 2020 Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
